Kremlin AG Stock Hanseatische Wertpapierboerse Hamburg

Kremlin AG is a Germany-based company whose purpose is to advise clients of the potential of investing in the Russian markets. The Company's strategy is to invest in Russian companies from the raw materials sector that meet its criteria of undervalued equity. Its strategy is to make long-term investments and to periodically make strategic acquisitions and sales in order to maintain the growth of its portfolio and maximize the return on a given investment. The Company operates three portfolios: small cap portfolio, which consists of Russian second-tier stocks; large cap portfolio, which consists of Russian blue chips and bonds, and opportunity portfolio, over which the Company invests in other former Commonwealth of Independent States (CIS) stocks, including Ukraine, among others. As of December 31, 2011, the Company held a 25.39%-stake in UlterWest LLC in Dover, the United States.